Long term care insurance

What is long term care insurance?

It's easy to take our ability to perform day-to-day activities for granted. But this can change, especially as we age. This is why it’s so important to consider your future healthcare needs as you build and review your retirement savings and income plans.

Long term care insurance from Sun Life Financial provides an income-style benefit if you become unable to care for yourself due to aging, an accident, illness or deteriorated mental abilities. The money is for you and your family to use as you wish – you do not need to submit receipts for reimbursement – giving you more control and choice while helping to protect your savings and income.

You should consider this coverage if:

You’re concerned your retirement income might not last for your lifetime if your health deteriorates and government programs are insufficient to meet your needs

You want the financial resources to help you choose the type and level of care that’s right for you if you have an accident or need substantial care later in life as you age

You want to protect your wealth and legacy from being eroded by the cost of care

Long term care insurance can help you:

Bring care into your home so that you do not need to downsize or move to a facility right away

Lessen the burden on care-givers and support your family financially if you are going to live with them if you need care

Manage your care and expenses if you have an unexpected severe accident, at any age, that results in your needing substantial assistance from a family member or care-giver

2 types of long term care insurance to meet your needs:

Sun Long Term Care Insurance

Protects against significant healthcare costs in retirement with the added security of protection against the impacts of severe illness or accident that can happen at any time

This plan offers a weekly benefit of $150 to $2,300

Shorter waiting periods of 90 or 180 days make it possible to begin receiving benefits sooner

Provides a first-payment bonus to help with costs incurred during the waiting period

How will your needs change in retirement?

You will likely require care in retirement, to some degree, as you age and your health changes. The level of healthcare and personal assistance you need – and the cost to meet those needs – typically increase over time and go through 5 stages. Understanding these stages and how they change over time can help you plan for the future.

Step 2: Meet with your advisor

To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve. And because your advisor will need additional information to help recommend the policy that’s right for you, get together some basic information about your income, assets and liabilities.

Step 3: Apply for coverage

Your advisor will handle the paperwork for you. You’ll need to submit an application for a policy that will be evaluated by the insurance company. This may include answering a personal history questionnaire and, depending on your age, completing a telephone or face-to-face interview including a memory exercise.